Checklist

How to prepare for your mortgage: documents by your situation

Your paycheck, your business income and the money you’ve saved may all come from different places. We can get those documents together before you find a home, while there’s time to talk through them.

You gather the documents for the income and the accounts that apply to you, and I confirm the exact list for your loan.

In my own words, this is how I work: “You actually supply all of the income documentation. You supply all of your asset documentation.” We review the full picture up front and decide what the loan needs.

This is a gathering checklist. The examples below use Fannie Mae’s requirements rather than one rule for every conventional, FHA or VA loan. Your lender’s written request controls the document dates and any additional items. Check each item after we’ve confirmed it applies to your file.

Tell me how you get paid

Pick everything that applies to you, and the list narrows to your situation. Nothing picked shows the whole list. The savings section applies to everyone, so it always shows.

25 items

Your salary or hourly pay

You have your most recent paystub and your most recent W-2 ready.
Why we ask: These show your current earnings and support the income review under Fannie Mae's base income guide; an employer verification can be an alternative.
You have your employer's contact details available for the lender's verification.
Why we ask: Fannie Mae's base income guide also calls for employment verification; gathering documents and verifying employment are separate steps.

Your bonus, commission, overtime or tips

You have your most recent paystub and two years of W-2s ready if you want this income considered.
Why we ask: The history lets the lender review variable earnings under Fannie Mae's bonus, commission, overtime and tip income guide, which also allows an employer verification route.
You have two years of personal tax returns, including Form 4137 if applicable, ready for tips your employer did not report.
Why we ask: Fannie Mae's tip income documentation permits these returns in place of a W-2 for that situation; we need to see where your tips were reported.

Your self-employment or 1099 work

You have your filed personal federal returns, with all applicable schedules, ready for the years I request.
Why we ask: Fannie Mae's self-employment guide generally uses two years, with specific one-year and business-return waiver exceptions that I will check for your file.
You have identified each business, your ownership share and how long you've owned it.
Why we ask: Fannie Mae's self-employment guide treats an ownership interest of 25 percent or more as self-employment and evaluates the history of each business.
You have the 1099 forms that go with your business income ready alongside the returns.
Why we ask: Fannie Mae's Schedule C review evaluates business income after the relevant expenses and adjustments; a 1099 payment total alone does not provide that picture.
You can provide a current profit and loss statement if I request one.
Why we ask: Fannie Mae's profit and loss guidance allows the lender to use one to support the income review; it is not required for most businesses under that section.

The returns that go with your business

Use the row for how your business files its taxes. An LLC name by itself does not tell us which return to request.

Sole proprietor, or a business reported on Schedule CPersonal Form 1040 with Schedule C and applicable schedules.
Why we ask: Fannie Mae's business structures guide identifies Schedule C as the sole proprietor's income and expense record.
Partnership, or an LLC filing a partnership returnForm 1065, your Schedule K-1 and your personal return with applicable schedules.
Why we ask: Fannie Mae's partnership and LLC guide reviews your share of earnings and whether distributions or business liquidity support the income.
S corporation, or an LLC filing as an S corporationForm 1120-S, your Schedule K-1, your personal return, and your W-2 if the business pays you wages.
Why we ask: Fannie Mae's S corporation guide considers wages as well as your share of business income.
C corporationForm 1120, your personal return, and applicable wage or dividend records.
Why we ask: Fannie Mae's corporation guide reviews corporate income and the ability of the business to support withdrawals.
Schedule K-1 with less than 25 percent ownershipTwo years of signed personal returns and K-1s; confirm the narrower rental-only exception with me.
Why we ask: Fannie Mae's minority-owner K-1 guide has its own documentation route, including one year when only rental income is reported on the K-1.

Income from an investment property

You have your most recent filed personal return with Schedule E, plus business returns and Form 8825 if the income is reported through a business.
Why we ask: Fannie Mae's rental income guide uses different records depending on ownership and how the income was reported.
You have signed leases and any requested proof of rent receipts ready, especially for an investment property acquired after your last return.
Why we ask: Fannie Mae's rental income guide has specific lease and receipt requirements when tax returns do not establish the income; I will confirm the route that applies.

Your retirement, pension or Social Security income

You have the pension or retirement benefit statement, award letter, account statement or other income record I request.
Why we ask: Fannie Mae's retirement income guide accepts several documentation routes and distinguishes fixed payments from variable distributions.
You have the retirement account balance and withdrawal terms ready if distributions from that account will qualify you.
Why we ask: Fannie Mae's retirement income guide requires support for the expected continuation of account distributions.
You have your Social Security award letter, SSA-1099, tax record or proof of current receipt ready, so I can identify the right combination.
Why we ask: Fannie Mae's Social Security guide sets different documentation requirements for retirement, disability, Supplemental Security Income and benefits received on another person's record.

Child support or alimony you want considered as income

You choose whether to disclose child support, alimony or separate maintenance income for qualifying. The items below apply if you ask to use it. This choice is about income you receive, not about disclosing debts or support you pay.

You have the court order, divorce decree, separation agreement or other applicable legal payment agreement ready.
Why we ask: Fannie Mae's support income guide requires evidence of the payment terms and expected continuation.
You have evidence of the most recent six months of payments, such as bank statements or electronic payment records.
Why we ask: Fannie Mae's support income guide uses receipt history to establish that payments have been full, regular and timely.

Your down payment, closing costs and savings

This part applies to everyone.

You have complete bank or investment statements covering the period I request, with every page included, even if the last page is intentionally left blank.
Why we ask: Fannie Mae's asset verification guide generally calls for the most recent full two-month period for a purchase, or the most recent quarter for quarterly reporting; other verification routes may apply.
You have identified large deposits and saved the records showing their source.
Why we ask: Fannie Mae's deposit review guide requires acceptable sourcing for qualifying large deposits needed for a purchase; we can review yours before you move money.
You have your most recent retirement account statement showing the vested balance and withdrawal terms if those assets are part of your plan.
Why we ask: Fannie Mae's retirement asset guide requires confirmation of ownership, vesting and access; retirement funds used only as reserves do not have to be withdrawn under this rule.
You have talked through any gift with me before transferring it, with the donor information and transfer records available.
Why we ask: Fannie Mae's personal gift guide requires a gift letter and evidence supporting the funds or transfer, including confirmation that repayment is not expected.
You have saved the earnest money receipt and the account record showing the payment, once you make that deposit.
Why we ask: Fannie Mae's earnest money guide requires verification of receipt and, where applicable, the source of the funds.

Your next step

We can review the sections that fit you and turn this into your own document list. What documents do I need for a mortgage explains the larger picture, and which bank deposits an underwriter will ask about explains the money trail in more detail.

You can schedule an appointment to talk or feel free calling me when you are ready or if you have questions.You can also email me.You can also just hit Apply to start your pre-approval process, so you can start to build your file and needs list.I look forward to hearing from you.